Senator Dan Coats released a statement after the US House failed to vote on the so-called fiscal cliff by the midnight deadline.
Senators did reach a compromise early this morning so there likely won’t be any or very little inconvenience for taxpayers because President Obama will be able to sign the legislation before congress takes office on January 3.
Still Coats says careening from crisis to crisis and addressing the fiscal cliff in the 11th hour is no way to govern and that American taxpayers are paying the price for Washington’s dysfunction.
He cites the state of Indiana as a model for responsible limited government that has low taxes and reduced spending. Coats says Reforming Medicare, Medicaid and Social Security to make them solvent, overhauling the complex tax code and reducing government spending is the only way to solve the fiscal crisis.
The House of Representatives is expected to vote on the bill before Wednesday. Among other things the deal raises taxes for people who make more than $400,000 a year and couples who make more than $450,000.
It also blocks spending cuts for two months, extends long terms unemployment benefits and prevents a large increase in milk prices.